MetalsGrove finds more pegmatites at Upper Coondina as it waits for assays from first drill

Mon 19 Dec 22, 10:47am (AEST)
A red kangaroo standing in grasslands in the Flinders Ranges National Park in the Australian Outback
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Key Points

  • MetalsGrove now awaiting Reverse Circulation assay results from Phase I lithium drilling at Upper Coondina
  • The company has also found 23 new pegmatite structures on-site to explore
  • Phase II drilling will kick off after assay results received; field mapping and sampling happening across entire project envelope

MetalsGrove (ASX:MGA) on Monday highlighted its discovery of a host of potential pegmatite structures at the Chola prospect outside the boundary envelope of drilling activities, which have just finished. 

With Phase I drilling wound up at the Upper Coondina Lithium Project, battery metals supply chain hopeful MetalsGrove notes it has assays due back, as well as new ground on-site to explore. 

That could be a lucrative exercise: there has been very little activity on-site since 1968. 

“MetalsGrove is well positioned to hit the ground running in early 2023 with a busy pipeline of activity,” company chief Sean Sivasamy said. 

“Our first drilling programme was designed to confirm the width, tenure and mineralisation profile of the pegmatites, down from 60 to 120m plus depths, and we are confident these initial objectives have been achieved.” 

23 new pegmatite structures 

A technical survey which found a series of new potential pegmatite structures will now provide the targets needed for Phase II drilling on-site to be conducted next year. 

Pegmatites detected with underground imaging technology are “wider than mapped and sampled,” according to the company’s exploration geotechs. 

Those pegmatite targets occur within the boundaries of the Chola target, where first drilling at Upper Coondina has kicked off. 

What comes next? 

MetalsGrove will now move ahead with designing more surface sampling and mapping as it waits for Reverse Circulation (RC) drill assay results from the Phase I drilling at Chola. 

That field mapping will take place across all target areas (Chola, Happy Go Lucky, and Show River.) Underground imaging surveys will also target all the aforementioned areas. 

Assay results will inform the design of Phase II drill runs and those thereafter; the company is also planning its heritage compliance strategy ahead of future earth-disturbing activity

A look at MetalsGrove's three month charts
A look at MetalsGrove's three month charts Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. MetalsGrove was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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